Federal Register / Vol. 63, No. 135 /Wednesday, July 15, 1998 / Notices 38215

payment years beginning between

August 1997 and July 1998. The rates

for August through December 1997 in

the table (which reflect an applicable

percentage of 85 percent) apply only to

non-RPU plans. However, the rates for

months after December 1997 apply to

RPU (and ‘‘partial’’ RPU) plans as well

as to non-RPU plans.

For premium payment years beginning in

The assumed interest

rate is

August 1997 .................................. 5.53

September 1997 ........................... 5.59

October 1997 ................................ 5.53

November 1997 ............................ 5.38

December 1997 ............................ 5.19

January 1998 ................................ 5.09

February 1998 .............................. 4.94

March 1998 ................................... 5.01

April 1998 ...................................... 5.06

May 1998 ...................................... 5.03

June 1998 ..................................... 5.04

July 1998 ...................................... 4.85

Late Premium Payments;

Underpayments and Overpayments of

Single-Employer Plan Termination

Liability

Section 4007(b) of ERISA and

§ 4007.7(a) of the PBGC’s regulation on

Payment of Premiums (29 CFR part

4007) require the payment of interest on

late premium payments at the rate

established under section 6601 of the

Internal Revenue Code. Similarly,

§ 4062.7 of the PBGC’s regulation on

Liability for Termination of Singleemployer Plans (29 CFR part 4062)

requires that interest be charged or

credited at the section 6601 rate on

underpayments and overpayments of

employer liability under section 4062 of

ERISA. The section 6601 rate is

established periodically (currently

quarterly) by the Internal Revenue

Service. The rate applicable to the third

quarter (July through September) of

1998, as announced by the IRS, is 8

percent.

The following table lists the late

payment interest rates for premiums and

employer liability for the specified time

periods:

From Through Interest rate

(percent)

4/1/92 ................ 9/30/92 8

10/1/92 .............. 6/30/94 7

7/1/94 ................ 9/30/94 8

10/1/94 .............. 3/31/95 9

4/1/95 ................ 6/30/95 10

7/1/95 ................ 3/31/96 9

4/1/96 ................ 6/30/96 8

7/1/96 ................ 12/31/96 9

1/1/97 ................ 3/31/97 9

4/1/97 ................ 6/30/97 9

7/1/97 ................ 9/30/97 9

From Through Interest rate

(percent)

10/1/97 .............. 12/31/97 9

1/1/98 ................ 3/31/98 9

4/1/98 ................ 6/30/98 8

7/1/98 ................ 9/30/98 8

Underpayments and Overpayments of

Multiemployer Withdrawal Liability

Section 4219.32(b) of the PBGC’s

regulation on Notice, Collection, and

Redetermination of Withdrawal

Liability (29 CFR part 4219) specifies

the rate at which a multiemployer plan

is to charge or credit interest on

underpayments and overpayments of

withdrawal liability under section 4219

of ERISA unless an applicable plan

provision provides otherwise. For

interest accruing during any calendar

quarter, the specified rate is the average

quoted prime rate on short-term

commercial loans for the fifteenth day

(or the next business day if the fifteenth

day is not a business day) of the month

preceding the beginning of the quarter,

as reported by the Board of Governors

of the Federal Reserve System in

Statistical Release H.15 (‘‘Selected

Interest Rates’’). The rate for the third

quarter (July through September) of

1998 (i.e., the rate reported for June 15,

1998) is 8.50 percent.

The following table lists the

withdrawal liability underpayment and

overpayment interest rates for the

specified time periods:

From Through Rate

(percent)

4/1/92 ................ 9/30/92 6.50

10/1/92 .............. 6/30/94 6.00

7/1/94 ................ 9/30/94 7.25

10/1/94 .............. 12/31/94 7.75

1/1/95 ................ 3/31/95 8.50

4/1/95 ................ 9/30/95 9.00

10/1/95 .............. 3/31/96 8.75

4/1/96 ................ 12/31/96 8.25

1/1/97 ................ 3/31/97 8.25

4/1/97 ................ 6/30/97 8.25

7/1/97 ................ 9/30/97 8.50

10/1/97 .............. 12/31/97 8.50

1/1/98 ................ 3/31/98 8.50

4/1/98 ................ 6/30/98 8.50

7/1/98 ................ 9/30/98 8.50

Multiemployer Plan Valuations

Following Mass Withdrawal

The PBGC’s regulation on Duties of

Plan Sponsor Following Mass

Withdrawal (29 CFR part 4281)

prescribes the use of interest

assumptions under the PBGC’s

regulation on Allocation of Assets in

Single-employer Plans (29 CFR part

4044). The interest assumptions

applicable to valuation dates in August

1998 under part 4044 are contained in

an amendment to part 4044 published

elsewhere in today’s Federal Register.

Tables showing the assumptions

applicable to prior periods are codified

in appendix B to 29 CFR part 4044.

Issued in Washington, DC, on this 6th day

of July 1998.

David M. Strauss,

Executive Director, Pension Benefit Guaranty

Corporation.

[FR Doc. 98–18681 Filed 7–14–98; 8:45 am]

BILLING CODE 7708–01–P

Postal Rate Commission

Sunshine Act Meetings

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 63 FR 33420, June 18,

1998.

PREVIOUSLY ANNOUNCED TIME AND DATE OF

MEETING: 10:30 a.m., July 23, 1998.

CHANGES IN THE MEETING: The meeting

will begin at 9:30 a.m. instead of 10:30

a.m.

CONTACT PERSON FOR MORE INFORMATION:

Stephen L. Sharfman, General Counsel,

Postal Rate Commission, Suite 300,

1333 H Street, NW, Washington, DC

20268–0001, (202) 789–6820.

Dated: July 13, 1998.

Cyril J. Pittack,

Acting Secretary.

[FR Doc. 98–18996 Filed 7–13–98; 2:22 pm]

BILLING CODE 7710–FW–M

POSTAL RATE COMMISSION

Announcement of Visit

SUMMARY: Representatives of E-Stamp

Corporation will visit the Commission

to present a briefing on a system for

electronic generation of postage indicia.

DATES: The date of the visit is Thursday,

July 16, 1998, beginning at 2:30 p.m.

ADDRESSES: Postal Rate Commission

(Conference Room), 1333 H Street, NW,

Suite 300, Washington, DC 20268–0001.

FOR FURTHER INFORMATION CONTACT:

Stephen L. Sharfman, General Counsel,

Postal Rate Commission, Suite 300,

1333 H Street, NW, Washington, DC

20268–001, (202) 789–6820.

SUPPLEMENTARY INFORMATION: During

this visit, representatives of E-Stamp

Corporation will brief the Commission

on a system for electronic generation of

postage indicia.

Dated: July 10, 1998.

Cyril J. Pittack,

Acting Secretary.

[FR Doc. 98–18844 Filed 7–14–98; 8:45 am]

BILLING CODE 7710–FN–M